4 personal finance lessons from former Presidents

BY RANDALL SMITH

Presidents’ Day, while often marked with celebrations, reenactments, and other events, is also a time to reflect on important lessons learned from our former American leaders. Although times have changed and technological advancements have been made since their time in office, their wisdom can be applied to our financial lives today.
Founding Father and first U.S. President George Washington once said “To contract new debts is not the way to pay old ones.” He valued the importance of strength through financial stability and committed himself to paying off debts incurred during the Revolutionary War. He believed that power and respect came from financial integrity. What we can learn from Washington’s wisdom: Refrain from frivolous spending until your personal finances are on solid ground.
As a principal author of the Declaration of Independence and our third U.S. President, Thomas Jefferson was extremely influential in our nation’s history. Unfortunately he inherited a significant amount of debt from his father-in-law, and despite his best efforts, his personal debt affected his legacy. Although much of his financial woes were out of his control, we can learn from his misfortunes about managing our own money. What we can learn from Jefferson’s wisdom: No matter your income, never underestimate the value of living within your means.

• Can learn from Lincoln’s wisdom.
• Can learn from Eisenhower’s wisdom.

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